National Consumer Credit Protection Act 2009
CHAPTER 3 - RESPONSIBLE LENDING CONDUCT
PART 3-5A - MORTGAGE BROKERS AND MORTGAGE INTERMEDIARIES
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View history notePt 3-5A inserted by No 2 of 2020, s 3 and Sch 3[5], effective 18 February 2020.
Division 4 - Conflicted remuneration
Div 4 inserted by No 2 of 2020, s 3 and Sch 3[5], effective 18 February 2020.
Subdivision C - Ban on giving conflicted remuneration
Subdiv C inserted by No 2 of 2020, s 3 and Sch 3[5], effective 18 February 2020.
SECTION 158NE CREDIT PROVIDER MUST NOT GIVE CONFLICTED REMUNERATION
158NE(1)
A credit provider must not give a licensee conflicted remuneration in circumstances prescribed by the regulations if the licensee is:
(b)
a mortgage intermediary.
Civil penalty: 5,000 penalty units.
158NE(2)
A credit provider must not give a representative of a licensee conflicted remuneration in circumstances prescribed by the regulations if the licensee or the representative is:
(b)
a mortgage intermediary.
Civil penalty: 5,000 penalty units.
S 158NE inserted by No 2 of 2020, s 3 and Sch 3[5], effective 18 February 2020.
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